Britam Holdings Plc has reported a 52 percent increase in profit before tax to KSh3.8 billion for the six months ended June 30, 2026, driven by growth in insurance revenue.
Britam Group Managing Director and CEO Tom Gitogo said on August 28 that the results demonstrate progress under the ASCEND strategy, which focuses on sustainable expansion in Africa, customer-led innovation, operational efficiency and digital transformation.
“These results give us an encouraging start to our ASCEND Strategy and show that we are moving in the right direction by responding to customers’ needs and translating that into sustainable business growth,” Gitogo said.
The insurer recorded a rise from KSh2.5 billion reported during the same period last year, marking a strong start to its ASCEND 2026 to 2030 strategy.
Britam Profit Surges as Insurance Revenue Grows 13.7%
Insurance revenue rose 13.7% to KSh22.4 billion from KSh19.7 billion, with Britam attributing the growth to improved performance across its Life and General Insurance businesses, as well as its distribution and partnership networks.
The net insurance service result rose 36 percent to KSh1.8 billion from KSh1.3 billion, reflecting improved underwriting performance across the two insurance businesses.
Interest and dividend income also increased to KSh12 billion, supported by portfolio management and continued optimization of the group’s investments.
Britam’s total assets rose to KSh270.8 billion, while total equity increased to KSh37.6 billion, strengthening the group’s capital position as it seeks to expand its business across the region.
During the six months, Britam also recorded several business developments, including recognition by Brand Finance as the eighth strongest brand in Africa, the third strongest in Kenya and the most valuable insurance brand in Kenya.
The group was also named the 2026 African Insurance Organization Hall of Fame Award winner in the Insurance Company category.
On sustainability, Britam said it paid KSh97.3 million in claims in 2025 to support 402,681 farmers and pastoralists affected by climate-related shocks across East Africa.
The Britam Foundation, meanwhile, reported that it had reached more than 172,000 people and supported the creation of over 1,628 jobs in nearly two years through programmes focused on water access, maternal health, environmental restoration and enterprise development.
Britam also expanded its microinsurance offering through the Heshima Farewell Plan, introduced in partnership with Montezuma Funeral Home, while launching the Whole Life Insurance Plan and Britam Trust Fund to support long-term financial protection and wealth transfer.
The group further advanced the digitalization of marine insurance through its Digital Marine Cargo Insurance platform following the introduction of mandatory electronic marine cargo insurance certificates in July 2026.
Economic Outlook
According to the Britam outlook, Kenya’s economic activity expanded by 5.3% in the first quarter of 2026, up from 4.9% in the same period in 2025.
Growth was supported by strong performance in the construction sector, which grew by 6.6%, manufacturing at 4.4%, and accommodation and food services at 14.7%. However, agricultural growth slowed to 4.9% from 5.3% a year earlier, following disappointing short rains.
Britam expects economic growth to soften in 2026, mainly due to disruptions in the second and third quarters linked to the Middle East conflict. Growth could, however, be supported by a lower interest rate environment and increased private sector credit.
The outlook identifies the expected El Niño conditions towards the end of the year as a key risk, particularly to agricultural output.
On inflation, average headline inflation rose slightly to 6.5% in July 2026, from 6.4% in June, mainly due to higher fuel and electricity prices. Core inflation also increased to 3.2% from 3.1%.
Britam expects inflation to remain elevated in the coming months despite lower global oil prices, as the reversal of measures that contained fuel price increases is likely to keep local pump prices high for longer.
The expected El Niño conditions could also put additional pressure on food prices through their impact on agricultural production.
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